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The Top 5 Things you Should Know about Debt You Can’t Pay

9/30/2019

 
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Few things are as stressful as owing money and not being able to pay that debt.  Most people feel this at some point and have questions about what will happen. To help alleviate anxiety about your debt, we have written about five things you should know about debt.

The Affect on your Credit Score
Your credit score is used for many things besides being able to get a loan.  Higher credit scores often means better rates on credit cards, loans, and even insurance.  An overwhelming amount of debt will lower your score.

Negative information stays on your credit report for seven years. Oftentimes, you will need to request the negative information to be removed after the time has expired. However, even if the information is gone, you may still owe that debt.



What Debtors Can Do if You Can’t Pay the Debt
First, understand that debtors are never allowed to lie or be abusive when they contact you to collect debts.  They may try to bully you into payment agreements, but there are laws that protect you.


Debtors are also not allowed to contact you at inconvenient times (before 8:00 AM or after 9:00 PM) or places.  Once they have been told you cannot receive calls at work, they can’t call there.    
The debt collector can’t talk about your debt with anyone but you or your spouse, but they can contact other people to obtain your contact information.  

A debt collector can sue you for the money you owed within a certain period of time.  Any time you receive legal papers about your debt, you need to contact an attorney immediately and only respond through him/her.



If a Debt Collector Breaks the Law
If you feel a debt collector has broken the law, you may be able to sue the collector within one year of the violation. You will have to decide if any possible damages you may receive are enough to make a lawsuit worth your time.  Again, this a discussion for you to have with your attorney.



Wage Garnishment
Each state has different laws about wage garnishment.  A creditor must obtain a court order to garnish your wages.  In South Carolina, wages cannot be garnished for commercial/personal debt. However, debt pertaining to child support, taxes, alimony, and student loans can be collected through garnishing your wages.  Any federal benefits you may receive may also be garnished for those debts.



How Long a Creditor can Collect Debt
Creditors only have a certain number of years to collect your debt.  This time begins the first time you miss a payment. Once the statute of limitations expires, the debt is considered “time-barred.”  However, you need to be aware that every state has their own laws on how long the statute lasts and that may be different depending on what types of debt you have.



Often, creditors will work with you to resolve your debt.  Most of the time, they would rather get a small amount from you each month than have to take you to court.  For this reason, it is a good idea to contact your creditors immediately when you are having problems making your payments.  Try to find a solution that works for you and your creditor before legal action is taken against you.
 
 
 



What You Need to Know About Salvage Titles

9/25/2019

 
Shopping for a used car is often more difficult than buying a car that is new. While odds are good a new car isn’t going to have been wrecked or have damages you can’t see, sometimes,  used cars do. Some of those cars have salvage titles, and they are some of the most dangerous vehicles on the lot. That’s why it’s important to know what you’re buying before you sign the contract.
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Why do cars get salvage titles?
In South Carolina, a salvage title is issued on a car when the cost of fixing the vehicle is 75% more than the value of the car.  When this happens, the insurance company tells the DMV that the damage has met the 75% mark, and the DMV issues a salvage title for the car.  Some of the reasons for a car being a “total loss” are flooding, electrical fires, and collisions. 

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How can you be sure not to buy a car with a salvage title?
Research is the best thing you can do to ensure that you don’t buy a car with a salvage title.  Start by asking the seller if the car has been previously wrecked? You can also use the Vehicle Identification Number (VIN number) to look it up with Carfax or the National Insurance Crime Bureau.  You can also check if the vehicle has been reported stolen by calling a police department. It may be in your best interest to get the car inspected by a reputable mechanic and/or body shop as well.

Is it illegal to sell a damaged car?
Although it may seem illegal to sell a car that may be unsafe, it is legal if the car has a salvage title.  However,  a car salesperson must  disclose that the car has a salvage title. A dealer cannot and should not hide the fact that a car has been deemed a total loss in the fine print of the contract.  Dealerships have the expertise and resources to know when a car has been totaled so there is no excuse not to disclose the fact.  Unfortunately, disclosure doesn’t always happen, and you can end up with a car that is too dangerous to be driven.
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To avoid the costly mistake of buying a car with a salvage title, do the research.  Learning  the history of a car before you buy it can save you a lot of money and heartache down the road. If you do discover you’ve unknowingly purchased a car with a salvage title, you should contact a reputable attorney immediately so you’re not stuck with a car you don’t feel safe to drive. 

What to Watch out for When Purchasing a Car over the Internet

9/17/2019

 
It is becoming very common for people to turn to the internet for a car purchase.  If you are considering it, be careful and follow these tips to get the best deal.

Do your Research
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​Before you begin your search for your car, do plenty of research about the type of car you want.  Discover what the car usually sells for and any problems other people have had with the car, including any recalls.
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Beware of Low Prices


Cars posted for sale with ridiculously low prices that are well below market value should send up a red flag.  Sellers tend to always have a reason for such prices. They are being deployed or someone is sick or has died, and they need the money right away.  On the other hand, the seller may want to get rid of the car because he wrecked it or the car has had lots of mechanical problems.

The pictures that are posted may be stock photos and not that of the actual car.  Always, always be careful when the price is too low.  Remember, if it seems too good to be true, it probably is.

​Research the Seller’s Information

​If you are buying from an individual, you can search for that person on the internet, too.  You can also check dealer ratings.  Research delivery options.  Another big red flag is someone who refuses to communicate with you in person.

Make sure you see a Title
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Ask the seller to send you a photo of the title and a photo of the VIN plate on the dash. When you look at the pictures, make sure the person who is selling the vehicle is the person on the title and that the title’s VIN matches the one on the dash. 

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Obtain an Outside Inspection

If you are unable to view the car yourself, have a reliable inspection done by someone other than the seller or dealer.  Ask for photos of any damage that the inspector may see and for a check of the odometer reading to make sure the seller has given you an accurate number.  If the seller won’t allow an inspection, walk away.

Ask for a History Report


​Dealers will have access to histories of their vehicles if it has been serviced.  Ask for copies of maintenance records to prove that the car has been regularly serviced such as oil change. If the seller refuses to give you a copy of any of these records or gives you excuses why they can’t be produced, don’t buy the car.
 

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